Wednesday, May 23 , 2018, 12:05 pm | Overcast 62º

 
 
 
 

Business

American Riviera Bank Reports Profitable Growth

American Riviera Bank announced Tuesday unaudited net income of $391,000 (15 cents per share) for the quarter ended June 30, and $730,163 (29 cents per share) for the six months ended
June 30.

Pre-tax income for the quarter increased 68 percent to $649,000 at June 30 compared with the $386,000 reported for the quarter ended June 30, 2012. Pre-tax income for the first six months of 2013 was $1,211,334, an 83 percent improvement from the $660,928 reported for the first six months of 2012.

The bank has experienced strong growth in loans; reporting $138 million in average loans for the second quarter of 2013, which represents a 22 percent increase from the second quarter of 2012.

Although there has been some pressure on net interest margin due to competition for quality loans in our community; net interest margin remains well above peer average at 4.68 percent year to date, and 4.64 percent in the most recent quarter, due to the funding advantage provided by an increase in non-interest bearing deposits.

American Riviera Bank has also experienced consistent growth in deposits reporting $145 million in total deposits at June 30. The bank grew non-interest bearing checking accounts to $40 million at quarter end, a 48 percent increase compared to the same reporting period last year.

“The bank is pleased to be experiencing consistent growth from our existing Santa Barbara branch as well as our new Montecito branch,” said Jeff DeVine, president and chief executive officer. “The new clients and increased deposits have enabled us to grow loans and meet significant local loan demand. We are excited to serve an expanding number of clients throughout the community and look forward to helping each client achieve their goals.”

The bank has $180 million in total assets, and maintains a strong capital position with Tier 1 Capital to total average assets of 14 percent as of June 30; well above the regulatory guideline of 5 percent for well capitalized institutions. The book value of one share of American Riviera Bank stock is $9.53 at June 30, an increase from $8.99 at June 30, 2012.

— Michelle Martinich is senior vice president and chief financial officer for American Riviera Bank.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Become a Supporter

Enter your email
Select your membership level
×

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of John Sener
John Sener
"I am known for tenacity, diligence, honesty, and sound decision making with the ultimate goal of closing every transaction to the satisfaction of all involved parties."

Full Profile >